When renting, it’s important to purchase Colorado renters insurance. Many renters may think their landlords’ insurance will cover their belongings in the event of a major loss such as a fire in the building. This however is not the case. In the event of a covered disaster or peril which causes damage to the building, the owner’s insurance may cover building repairs, but not the belongings of the renters.
The slow recovery from recent housing market woes has meant that apartment vacancy is reaching an all-time low in Colorado. According to a recent Inside Real Estate news article, the current rate averages at 5.2% across the State. In addition, the average monthly cost of rent in Colorado is currently around $950. This is most likely creating tighter budgets, and an even greater need to financially protect one’s contents with insurance.
Also, it can be common for liability claims to increase during an economic downturn. This may be partly due to less people having health insurance as a result of being out of work. Standard Colorado renters insurance policies provide some coverage for liability, and also for extra living expenses if the renter’s apartment becomes uninhabitable due to a covered peril such as fire. Contact us if you require more information on renters’ insurance.